Legal Question in Banking Law in India
if a NBFC giving advance to his clients for purchase in ipo and take POA from them for debiting their bank account. IS this legally ok? can as a bank we can do this?
Asked on 10/26/10, 3:50 am
1 Answer from Attorneys
J. Radhakrishnan
independent Practice
Banks do not normally advance loans for investment whether by way of subscription to IPO or purchase of shares. it is a matter of policy.
Answered on 10/27/10, 8:03 am
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